A Convention for the Avoidance of Double Taxation between Ireland and Belarus was signed in Dublin on 3 November 2009. On the same day, in Sarajevo, a Double Taxation Convention between Ireland and Bosnia & Herzegovina was signed.
The Convention between Ireland and Belarus covers taxes on income and gains and according to Dr. Martin Mansergh TD, the timing of the Agreement is very important as links between both countries are developing on a number of fronts.
The Convention with Bosnia & Herzegovina is comprehensive in scope and generally follows the OECD Model Convention. It covers taxes on income and gains and provides for no withholding taxes on dividends, interest and royalty payments. Other important Articles in the Convention include non-discrimination provisions and exchange of information provisions. According to official Revenue statements, the exemptions in withholding taxes and other fiscal benefits conferred in the Convention will significantly assist future Irish Business and investment in Bosnia & Herzegovina.
As covered in eNews last week, a Double Taxation Convention between Ireland and Bahrain was signed on 29 October 2009.
The legal procedures to bring the new agreements with Belarus, Bosnia & Herzegovina, and Bahrain, into force are currently being followed.
Both treaties can be accessed here